Aussie firm drops plan to acquire W. Kalimantan gold project
Thursday, April 2 2009 - 01:18 AM WIB
Australian firm TVN Corp. Ltd. said that it had terminated plan to acquire 90 percent stake at the Buduk Gold Project in West Kalimantan from PT.Gemala Borneo Utama (GBU) following an extensive due diligence.
?A review of the geology and exploration potential of the project by CSA Global Pty. Ltd. revealed that the project is not of sufficient scale or tenor for advancement by TVN. This, combined with logistical issues of operating a project of this scale in West Kalimantan, led to the decision not to proceed with the acquisition,? the company said in a statement released Wednesday.
The company signed exclusive option agreement with GBU last year. The Buduk project is located approximately 30km northeast of Singkawang and 114km from provincial capital of Pontianak.(alex)